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Updated on: 22 Oct 2012, 08:44
Originally posted by mathewmithun on 20 Oct 2012, 23:39.
Last edited by Bunuel on 22 Oct 2012, 08:44, edited 1 time in total.
Last edited by Bunuel on 22 Oct 2012, 08:44, edited 1 time in total.
Renamed the topic and edited the question.
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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
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If one of Jean's credit cards charges more than 2 percent interest each month on any balance, and this month Jean paid more than $17.85 in interest, what is the least possible amount of Jean's balance for this month?
A) $357.00
B) $357.50
C) $892.00
D) $892.50
E) $893.50
A) $357.00
B) $357.50
C) $892.00
D) $892.50
E) $893.50
OA is E. And this is how they would have solved:
Let the balance be B and interest paid is I (I>2% from the highlighted clause). So we form an equation B*I>17.85 and keeping I as 2% we could get the base line or minimum value for B, so B>892.50 and hence we select E as the answer.
But this is my doubt: value of I can be anything greater than 2%, let it be 3%. then B*3/100>17.85 or B>595$. As i increase I, the least possible value on B keeps further decreasing, making either this highlighted section wrongly worded or I am going in the wrong direction.
Pls help me figure this out...
Let the balance be B and interest paid is I (I>2% from the highlighted clause). So we form an equation B*I>17.85 and keeping I as 2% we could get the base line or minimum value for B, so B>892.50 and hence we select E as the answer.
But this is my doubt: value of I can be anything greater than 2%, let it be 3%. then B*3/100>17.85 or B>595$. As i increase I, the least possible value on B keeps further decreasing, making either this highlighted section wrongly worded or I am going in the wrong direction.
Pls help me figure this out...
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21 Oct 2012, 00:18
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I guess the question is very poorly worded.
We are being asked for the least possible amount for Jean's balance. Looking at the answer choices, the least number there is 357. Lets see if it is valid.
Let "x" be the interest rate
357 * x > 17.85. So x > 0.05 ie 5% which does not conflict with any part of the question. So the answer could certainly be A as well. In fact the actual minimum value could be any number greater than 0.
Maybe if the question was to find the maximum possible amount, it would make more sense and the answer to which is < 900.
We are being asked for the least possible amount for Jean's balance. Looking at the answer choices, the least number there is 357. Lets see if it is valid.
Let "x" be the interest rate
357 * x > 17.85. So x > 0.05 ie 5% which does not conflict with any part of the question. So the answer could certainly be A as well. In fact the actual minimum value could be any number greater than 0.
Maybe if the question was to find the maximum possible amount, it would make more sense and the answer to which is < 900.
21 Oct 2012, 00:42
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MacFauz
Thanks MacFauz, I thought so, on the same line. Since the source was princeton review, I gave princeton review the benefit of doubt and I reached this predicament.
But MacFauz, I beg to disagree with you on your statement:" it would make more sense and the answer to which is < 900". I think if the question was to find the maximum possible balance, it should have been any value just below 892.50$ and that would be C which is 892$.
The detailed calculation would be: Balance*Interest<17.85 where Interest > 2% and so putting 2% to find the baseline of B, we get B<829.50$. And from the main equation: Balance<1785/interest, when interest increases more, the max possible value for balance dips further.
